https://www.taxtmi.com/caselaws?id=273583 Rule 341 under the Stamp Act was treated as a guideline for assessing market value under Section 47-A, not as a conclusive measure of true market value. The Collector had to examine whether the value stated in the instrument reflected the real transaction and could rely on other evidence to determine market value independently of the rule. Section 47-A also did not confer any express power to impose penalty, so penalty could not be levied merely because undervaluation was found. The impugned order was quashed and the matter remitted for fresh determination in accordance with law. en-us Thu, 29 Aug 1985 00:00:00 +0530 Tue, 03 Jul 2018 17:19:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273583 Rule 341 under the Stamp Act was treated as a guideline for assessing market value under Section 47-A, not as a conclusive measure of true market value. The Collector had to examine whether the value stated in the instrument reflected the real transaction and could rely on other evidence to determine market value independently of the rule. Section 47-A also did not confer any express power to impose penalty, so penalty could not be levied merely because undervaluation was found. The impugned order was quashed and the matter remitted for fresh determination in accordance with law. Case-Laws Indian Laws Thu, 29 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273583